Hi guys, updated my analysis for BTC and i believe we are in the last wave down before (I hope) a reversal. The bounce off 7.8k was good but not convincing enough to signal a trend reversal and the overall momentum off the bounce is diminished or actually going down at the time of writing. Nevertheless this presents a buy opportunity and a chance to try and catch the bottom (fishing). I wouldn't usually try and catch the bottom but the strong volume of the initial bounce tells me there is demand in this region and especially in my highlighted buy zone where there should be lots of support. I've highlighted the major supports and resistances, if we get the bounce i recommend taking partial profits at each resistance level. If we break the first major resistance the downtrend has likely been reversed but as always stay frosty.
It's on a bit of knife edge at the moment. I think those hoping for a last leg down might be the greedy ones now.
HyperionAllied
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@BRRD, I'm happy if I'm wrong but like I said that bounce was similar to the previous one at 9k not a lot of momentum following up the bounce and look where we are now. Hopefully I am wrong but if not at least some people will expect it.
BRRD
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@HyperionAllied, yes and in any case we are right on the sweet spot from a long-term perspective. Hitting key levels and indicators. Also if you look at Bitstamp for example on 3-day, you can see that with each of the 3 major drops since 20 December volume has decreased significantly. Looks to me like the prior parabola simply needed a healthy correction in the same style.
I've ready with funds should your last leg play out.
HyperionAllied
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@BRRD, Good point in any case I am confident the correction is done or atleast it's last days.